Leslie’s downgraded to Hold from Buy at Stifel

Stifel analyst W. Andrew Carter downgraded Leslie’s to Hold from Buy with a price target of $15, down from $17, post the Q4 results and investor day. The outlook concentrating comparable revenue growth in the second half of 2023 following first half declines at best suggests a "wait-and-see" approach, Carter tells investors in a research note. The analyst says he overestimated Leslie’s "potential defensibility" amid a softer environment, and that he now approaches the pro strategy with "greater skepticism."